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Free AccessNYMEX WTI: (X17) Bulls Need Close Above...>
OIL TECHS: NYMEX WTI: (X17) Bulls Need Close Above $49.79
*RES 4: $50.75 - 200-DMA
*RES 3: $50.53 - Hourly support Oct 6a now resistance, 21-DMA
*RES 2: $50.16 - Hourly support Oct 6 now resistance
*RES 1: $49.79 - High Oct 9
*PRICE: $49.64 @ 0430GMT
*SUP 1: $49.10 - Low Oct 6
*SUP 2: $48.96 - High Sept 12 now support
*SUP 3: $48.30 - 100-DMA
*SUP 4: $47.95 - Daily Bull channel base
*COMMENTARY: Despite pressure returning to $51.22-77 last week bulls failed to
trouble this region with the sell-off seeing immediate focus on $47.39-49.10
this week. Overall bears need a close below $47.39 to confirm initial focus on
$45.52-46.14 with below $45.52 to target $42.80 June lows. Layers of resistance
are weighing with bulls now needing a close above $49.79 to gain breathing room
and above the 200-DMA to pressure $51.22-77 once more.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.